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Binance founder Changpeng “CZ” Zhao received a cryptocurrency pardon from US President Donald Trump today, clearing the way for a possible return to the exchange. Revolut received a MiCA license from the Cyprus Securities and Exchange Commission, while bitcoin miner debt has risen 500% over the past year as firms race to meet growing demand from AI and cryptocurrency mining.
Binance confirms that CZ received a presidential pardon from Trump
US President Donald Trump pardons convicted Binance founder Changpeng “CZ” Zhao, after months of lobbying and appeals by the company and its former CEO, The Wall Street Journal reported Thursday, citing people familiar with the matter.
President Trump signed the pardon on Wednesday he saidalthough no official details have been released on the White House website or in the Federal Register, where presidential pardons are typically announced. The information was later confirmed by Binance.
Zhao pleaded guilty in November 2023 to one count of failing to implement an adequate anti-money laundering (AML) program at Binance, violating the Bank Secrecy Act. As part of his plea, Zhao agreed to step down from his role at Binance.
In April 2024, Zhao was sentenced to four months in a US prison. He was subsequently released from custody in September.
Binance confirmed Cointelegraph’s presidential pardon and shared the following statement:
“Incredible news about today’s pardon of CZ. We thank President Trump for his leadership and his determination to make the US the crypto capital of the world. CZ’s vision not only made Binance the world’s largest crypto exchange, but also shaped the broader crypto movement.”
Revolut secures MiCA license in Cyprus to launch pan-European crypto services
Revolut received the MiCA license from CySECallowing it to offer regulated crypto services in all 30 markets in the European Economic Area (EEA).
The move supports Revolut’s expansion into the crypto market as the fintech prepares to launch its next-generation “Crypto 2.0” platform, the company said in a press release shared with Cointelegraph.
“This authorization enables us to deliver disruptive crypto products with increased transparency and trust to our growing customer base, while reaffirming our commitment to cryptocurrencies as an asset class,” said Costas Michael, CEO of Revolut Digital Assets Europe.
The The MiCA license allows Revolut will launch a full suite of crypto products within the regulatory framework. The company, which serves more than 65 million customers worldwide, including 40 million in Europe, will use the license to expand its cryptocurrency trading, betting and stablecoin offerings, according to the announcement.
Revolut also unveiled a suite of new products, including its next-generation crypto platform, Crypto 2.0, which will include access to more than 280 tokens, zero-fee staking with up to 22% annual percentage return, and 1:1 stablecoin-to-US dollar conversion with no spreads.
“When paired with the cryptocurrency-enabled Revolut Visa/Mastercard, seamless on/off tools and Revolut X’s low transaction fees (0.00%-0.09%), this platform provides one of the broadest and most cost-effective crypto experiences in Europe,” the company wrote.
Last year Revolut introduced Revolut Xa specialized desktop crypto exchange aimed at experienced traders. The platform offers trading for 100 tokens with low fees and real-time on/off options.
Bitcoin Miner Debt Soars 500% As Miners Set To Battle Over Hashrate
Debt among Bitcoin miners has rose from $2.1 billion to $12.7 billion according to investment giant VanEck in just 12 months as it races to meet the demands of artificial intelligence and bitcoin production.
Without further investment in the latest mining machinery share of global hashrate is getting worsewhich led to a decrease in the share of daily valued bitcoins, VanEck analysts Nathan Frankovitz and Matthew Sigel he said on Wednesday in its October Bitcoin ChainCheck report.
“We refer to this dynamic as the melting ice cube problem. Historically, miners have relied on equity markets, not debt, to finance these steep investment costs,” they said.
The growing number of Bitcoin miners is diversifying income streams shifting their energy capacity towards AI and HPC hosting services after April 2024 mining rewards cut in half to 3.125 bitcoins, which hurt overall profitability.
At the same time, several miners the pair spoke to for the report revealed that they are exploring ways to use monetize excess electrical capacity when demand for AI services is low.
